The Romanian fintech industry experienced a record-breaking year in 2023, with revenues reaching €59.5 million, a 21% year-over-year increase and an astonishing 131% growth compared to 2019. According to the latest KeysFin report, this expansion has been fueled by increased digital adoption, growing investments, and a supportive regulatory landscape. Romania’s fintech ecosystem is diverse, covering several key verticals, including:
- Open Banking and Embedded Finance with companies like Finqware and Smart Fintech enabling financial data aggregation and innovative payment solutions;
- Crowdfunding and Crowdlending platforms such as Fagura, SeedBlink, Ronin, and Stock.estate providing alternative investment and lending opportunities for startups and SMEs;
- Payments and Digital Wallets through key players like SelfPay, NETOPIA Payments, and PayU Romania facilitating secure and efficient online transactions;
- Financial Data Analytics and Financial Management solutions offered by FintechOS, ThinkOut, and SmartBill, streamlining financial operations and data-driven decision-making;
- Insurtech, driven by companies like Life is Hard, Amodo Romania, and Faragrija.ro innovating digital insurance services;
- Regtech and Compliance providers such as Sypher, Confidas, and Termene.ro automating regulatory compliance and risk management;
- Securtech (Cybersecurity in fintech) solutions from TypingDNA and certSIGN enhancing online transaction security and fraud prevention;
- Wealthtech and Robo-Advisors platforms including Investory and Vestor offering algorithm-driven financial advice and investment management;
- Crypto and Blockchain-based Fintech companies such as Elrond (MultiversX) and Tradesilvania advancing cryptocurrency transactions and blockchain applications; and
- Buy Now, Pay Later (BNPL) and Online Credit services by Lendrise, Volt Finance, and Ocean Credit providing flexible digital financing solutions.
This rich variety highlights Romania’s dynamic fintech landscape, poised to further expand and mature as companies increasingly balance rapid growth with long-term financial sustainability.
Yet, despite these impressive figures, profitability remains a challenge, with more than half of fintech companies reporting losses. The industry is growing, but can it sustain this momentum while ensuring financial sustainability?
Looking ahead, 2025 projections suggest revenue could surpass €65 million, but we’re wondering: can Romanian fintechs turn growth into sustainable profit?
Market concentration: five companies dominate the industry
The Romanian fintech sector is small, but highly concentrated, with just 23 companies. The top five generate 83% of the total revenue, leaving smaller players struggling.
SELFPAY SA remains the market leader, with €37.4 million in revenue (63% of total turnover), nearly doubling its revenue in the past five years. Founded in 2009 and led by CEO Adrian Badea, SelfPay provides digital payments through self-service terminals, including bill payments and prepaid services. As of 2023, the company employed approximately 118 people.
LIFE IS HARD SA ranks second with €6.2 million in revenue and is also the industry’s largest employer, with 128 employees (34% of the workforce). Established in 2004, the company, headed by CEO Erik Barna, specializes in Insurtech and enterprise software, including digital insurance platforms like 24Broker.
TIMESAFE SRL recorded the highest YoY growth (+23%), reaching €4.2 million. Founded in 2016 and led by CEO Dan Bratosin, Timesafe provides mobile payment and financial aggregation services through its Pago app, employing around 10 people.
BOLD TECHNOLOGIES SRL struggled, with a 29% revenue drop, showing that competition is intensifying. The company, founded in 2015 and managed by CEO Bogdan Belciu, focuses on financial software and data analytics, employing around 7 staff members.
Two companies reported zero revenue, raising questions about their viability.
Profitability: more than half of fintechs still lose money
Despite industry-wide growth, profitability remains a weak point. Only 10 of the 23 companies (44%) were profitable in 2023. However, the overall net result jumped 474% YoY, reaching €1.4 million, thanks to a handful of successful firms.
SELFPAY SA was the most profitable, with €2.18 million net profit, accounting for 51% of total industry profits. LIFE IS HARD SA followed with €1.29 million, reinforcing its strong financial position.
SYMPHOPAY SRL saw a 66% profit increase, proving that smaller players can scale profitability. Founded in 2015 and led by CEO Daniel Nicolescu, Symphopay provides payment integration and middleware solutions to enhance merchant transaction processes, employing approximately 3 employees.
BOLD TECHNOLOGIES SRL’s profit dropped by 53%, showing the impact of weak market positioning.
This profitability gap highlights a key industry challenge: many fintechs are prioritizing market share over financial sustainability. Investors are asking: when will fintechs shift from growth to stable profits?
Bucharest leads, but Cluj and Ilfov are catching up
The Romanian fintech ecosystem remains highly centralized, with Bucharest accounting for 77% of total industry turnover (€45.6 million). This concentration suggests that while fintech innovation is thriving in the capital, other regions are struggling to keep pace.
Beyond Bucharest, only four counties contribute meaningfully to the industry: Cluj (12.3%), Ilfov (7.1%), Prahova (3.9%), and Iași (0.1%). Together, these regions generate 99.9% of the national fintech turnover, leaving the rest of Romania virtually absent from the sector. While tech hubs like Cluj-Napoca show promise, Romania’s fintech expansion remains an urban-centric phenomenon, requiring regional investment and infrastructure improvements to create a more balanced ecosystem.
What’s next for Romanian fintech?
Looking toward the future, several trends are expected to shape the Romanian fintech ecosystem. Open banking, propelled by the European PSD2 directive, is becoming an increasingly influential force. Companies like Finqware, which has seen an extraordinary 50,665% increase in turnover since 2019, are leveraging open banking technology to drive financial data aggregation and embedded finance models. Finqware, founded in 2018 and led by CEO Cosmin Cosma, specializes in open banking solutions and treasury automation. Based in Bucharest with 15 employees, Finqware offers platforms such as FinqTreasury, enabling real-time cash management, payments, collections, and financial reporting through connections with multiple banks across Europe. In 2023, Finqware achieved a fourfold increase in turnover and reported its first profitable year, with an EBITDA margin of 29%.
The likelihood of increased mergers and acquisitions (M&A) is also growing. While the KeysFin report does not explicitly highlight M&A activity, industry conditions suggest that some companies will need to consolidate in order to address profitability challenges. The fact that two fintech firms reported zero revenue in 2023 signals potential market exits, strategic partnerships, or buyouts in the near future.
Regulatory adaptation remains a crucial factor in the sector’s evolution. The National Bank of Romania (NBR) has established a stable regulatory framework, but fintech companies must navigate continuously evolving compliance requirements, especially in the finance and insurance sectors, where regulatory costs tend to be higher.
Meanwhile, the “Buy Now, Pay Later” (BNPL) model is gaining traction in Romanian e-commerce. Lendrise Marketplace SRL, which recorded a 94% revenue increase in 2023, is well-positioned to capitalize on changing consumer spending behaviors and digital payment preferences. Lendrise was founded in 2018 and led by CEO Nic Marius Bălăceanu, operates within the digital lending and credit scoring sector.
Artificial intelligence (AI) is another area set to transform fintech operations, particularly in risk management, fraud detection, and credit scoring. While companies like Volt Finance SA are investing in AI-driven transaction monitoring, their financial struggles in 2023 suggest that it may take time before they emerge as market leaders in AI-powered financial services. Volt, established in 2016 and headed by CEO Radu Ciorbă, specializes in instant payment solutions and mobile financial services. Based in Bucharest, Volt Finance provides instant bank transfers through its mobile app “Volt – Transfer de bani instant,” available for Android and iOS users.
Fintech at a crossroads: growth or profitability?
The Romanian fintech industry has proven its ability to grow, but sustaining momentum requires a shift to profitability. Surpassing €59.5 million in revenue was a milestone, but over half of fintechs still lose money.
With rising competition, regulatory pressures, and economic shifts, fintechs must adapt fast. The winners will be those that balance innovation with financial stability. As 2025 approaches, the big question remains: which companies will thrive, and which will struggle to survive?
